Monetary Politics

The Federal Reserve and the Politics of Monetary Policy

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Paperback | 10 November 1986

At a Glance

Paperback
296 Pages

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22.86 x 15.24 x 1.7

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This is the first book to describe and analyze the relationships between the Federal Reserve and the president, Congress, bankers, and economists. Far from being politically independent, the Federal Reserve is shown to be sensitive to a wide range of political influences.

Industry Reviews

'Monetary Politics is a valuable addition to the literature because of its attention to the monetary side of the political business cycle and for its institutional analysis.' American Political Science Review 'Woolley's study is a refreshing alternative to both the short-term preoccupations with market movements and the trivialisation of the analysis of political influences ... This is a scholarly study, well documented at every point. It is essential reading to anyone who wants to understand monetary policy making in the United States in its full institutional context.' The Banker 'A major contribution to the literature on American governmental institutions and on economic policy-making. This volume fills a large gap.' Journal of Politics 'Woolley's grace as a writer makes the intricacies of monetary policy accessible to non-specialists.' Congressional Quarterly 'John Woolley provides an excellent examination of how the Federal Reserve has played its political cards in recent years.' The American Banker 'His findings are substantiated by the data; his documentation is superb; the empirical evidence is convincing. Woolley has made a solid, new contribution to the literature. Both political scientists and economists who seek the deeper understanding of the Fed and the influence of outside pressures will find his analysis to be very rewarding.' Policy Studies Journal

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You Can Find This Book In

Non-Fiction Economics Macroeconomics Monetary Economics Accounting & Finance Finance Banking Politics & Government Central Government

Preface	p. ix
The Federal Reserve and the Politics of Monetary Policy: Introduction and Overview	p. 1
What is at stake?	p. 3
Relationships with external actors	p. 10
A framework for examining issues and relationships in monetary politics	p. 15
The political position of the Federal Reserve	p. 22
Conclusion and overview	p. 27
A Capsule History of the Federal Reserve System	p. 30
Defining the role of government in financial matters	p. 31
The Federal Reserve: proximate sources	p. 35
The conception of the role of the Federal Reserve	p. 39
Resolving the question of the location of power over monetary policy	p. 41
Conclusion	p. 46
Recruitment and Selection of Federal Reserve Personnel	p. 48
Recruitment processes	p. 49
Occupational backgrounds of successful candidates	p. 55
Background and behavior	p. 61
Movement out of the System	p. 64
Conclusion	p. 67
Bankers and the Federal Reserve	p. 69
The question of capture	p. 69
Bankers' interests	p. 71
Bankers' political resources	p. 74
What have the bankers received?	p. 80
Conclusion	p. 85
Economists and the Federal Reserve	p. 88
Non-issues	p. 88
Monetarists and the issues in monetary politics	p. 90
Mainstream economists and control of the Federal Reserve	p. 96
The monetarist counterthrust	p. 99
Economists' conflicts and Federal Reserve behavior	p. 101
Conclusion	p. 105
The President and the Federal Reserve	p. 108
Presidential relations with the Federal Reserve	p. 109
Conflicts	p. 119
Elections	p. 125
Conclusion	p. 129
Congress and the Federal Reserve	p. 131
Congress: capabilities and incentives	p. 132
The banking committees	p. 133
Patterns of interaction with the Federal Reserve	p. 138
The congressional challenge of 1975	p. 144
Conclusion	p. 152
Making Monetary Policy in a Political Environment: The Election of 1972	p. 154
The plausibility of the charge of election-year misbehavior	p. 155
Discordant notes: Burns versus the White House, 1970-1971	p. 157
The alternative view: the pressure of controls	p. 158
Inside the FOMC in 1972	p. 161
1972 in retrospect	p. 168
Conclusion	p. 179
Monetary Politics: A Summary	p. 181
Political economy approaches	p. 185
Patterns of mobilization and monetary politics	p. 190
A Note on Data Sources	p. 195
Legislation Included in Table 7.1	p. 203
Academic Backgrounds and Career Experiences of Notable Monetarists	p. 208
Notes	p. 211
Bibliographic Note	p. 271
Index	p. 275
Table of Contents provided by Syndetics. All Rights Reserved.

Monetary Politics

The Federal Reserve and the Politics of Monetary Policy

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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